Pakistan on track to secure new loan from IMF: Finance Minister

In an interview , Muhammad Aurangzeb said the IMF has been very receptive in terms of agreeing to consider a larger and longer programme.

The Finance Minister said Pakistan would need at least three years of support to carry out a reform agenda across several sectors including taxation and energy.

Muhammad Aurangzeb said macroeconomic factors are shifting in Pakistan's favour as it works to boost its lagging economy.

The Finance Minister said Pakistan's currency has stabilized and the inflation is on track to drop to single-digit levels by the end of next year.

Earlier, Talking to President of Asia Infrastructure Investment Bank (AIIB) Jin Liqun in Washington DC, he identified broadening the tax base, fixing the energy sector, and undertaking state-owned enterprise (SOE) reforms as key priorities of the government.

The Finance Minister briefed the AIIB President on Pakistan's positive economic indicators, including improving foreign exchange reserves, a stable currency, declining inflation rates, and a surging stock market.

Muhammad Aurangzeb reaffirmed Pakistan's commitment to continue working closely with AIIB on the infrastructure development of the country.

The Finance Minister met with Managing Director of International Finance Corporation Makhtar Diop. He expressed gratitude to IFC for its support in the outsourcing of the Islamabad airport, which will be followed by similar initiatives in Lahore and Karachi.

He noted with satisfaction the uptick in IFC activities in the country and requested the corporation's support in assisting the government in shifting its Public Sector Development Program (PSDP) to PPP mode.

The Finance Minister also with Deputy Under Secretary for International Finance at the U.S. Department of Treasury Brent Neiman and briefed him on Pakistan's positive economic indicators in the wake of the Stand-By Arrangement (SBA) signed with the International Monetary Fund.